Hiscox, the specialist global insurer, has launched an innovative new Cyber Exposure Calculator, which is designed to help businesses estimate the potential financial impact they may face if they were the victim of a cyber-attack.
The calculator is the latest in a suite of educational products provided by the Hiscox CyberClear Centre – Hiscox’s specialist global centre of cyber expertise.
The Cyber Exposure Calculator is free to use, and by simply selecting the country and sector in which the business operates, along with its revenue, businesses can get a unique view of their potential cyber exposure and the value of the data they hold. The tool also provides some insights into the types of cyber-attacks their business may face. The results can be downloaded and shared offline to help guide further discussions within businesses on how to manage and mitigate the cyber risk.
Hiscox worked with several consulting organisations to develop the Cyber Exposure Calculator. The calculator is underpinned by a ‘Value at Risk’ model which draws on cyber insurance claims data, threat data, industry reports, benchmarking data, cyber security insights, and real-world experience.
The calculator shows that losses resulting from cyber-crime can vary widely according to a company’s location, industry and revenue; costing from as much as US$931 million for a large US healthcare company, to £4 million for a medium-sized UK transport business, or €134,000 for a small mainland European manufacturing company.
Gareth Wharton, Hiscox Cyber CEO and Head of the Hiscox CyberClear Centre, commented: “Most organisations now depend on data in order to operate, but it’s traditionally been very difficult to quantify the value of that data. With hacker techniques increasing in sophistication and attacks becoming more targeted in their nature, it’s important that businesses fully understand the risks they face.
“We’ve developed the Hiscox Cyber Exposure Calculator to help take away some of the guess work and raise awareness of the potential financial impact of a cyber-attack, encouraging businesses to think about how to manage the cyber risk through a combination of risk reduction and insurance.”
Source: Company Press Release.